Bed Bath and Beyond closing Ocean County store as it gets $225M on Wall Street to survive

David P. Willis, Asbury Park Press
2 min read
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Boosted by new financing, Bed Bath & Beyond has decided to shutter its store on Route 72 in Stafford, part of another round of closings, as the struggling company tries to turn itself around.

The store is located at 205 Route 72 West, next to Kohl's. It comes after the company said last month that it would close all 50 of its Harmons stores and 150 Bed Bath & Beyond locations, including its store on Route 34 in Aberdeen.

In a statement, Bed Bath & Beyond said it has started "incremental store closures" to reduce its footprint to about 360 Bed Bath & Beyond stores and about 120 buybuy Baby stores. As of late November, it had 949 stores, including 762 Bed Bath & Beyond stores in all 50 states, the District of Columbia, Puerto Rico and Canada, and 137 buybuy Baby stores.

The company also is closing stores in Bridgewater, Elizabeth, Watchung, North Brunswick, Marlton, Mays Landing, Ramsey, Mount Laurel, Paramus, Kinnelon and Flemington.

Previous closings: Bed Bath & Beyond closing these three NJ stores

Meanwhile, the company said its digital store is expected to rise to a higher proportion of sales.

Bed Bath & Beyond has struggled with a drop in sales and fewer customers in its aisles. Last month, it warned Wall Street that it may be unable to pay its credit facilities. Its suppliers tightened credit and deliveries, which led to fewer products on store shelves, the company said.

Earlier this week, the company said it has received $225 million in financing from the public offering of stock and warrants. It also expects to receive another $800 million in future installments if it meets certain conditions.

"We are optimizing our store fleet and supply chain and continuing to invest in our omni-always capabilities," said Sue Gove, president and chief executive officer of Bed Bath & Beyond, in a statement. "This will enable us to better serve our customers, and grow profitably, by directing merchandise where and how they want to shop with us."

David P. Willis, an award-winning business writer, has covered business and consumer news at the Asbury Park Press for more than 20 years. He writes APP.com's What's Going There column and can be reached at dwillis@gannettnj.com. Join his What's Going There page on Facebook for updates.

This article originally appeared on Asbury Park Press: Bed Bath and Beyond closing store in Manahawkin section of Stafford NJ

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